An online housing area study shows Midland and Odessa both have a new median multiple of 2.7 years. But what does that mean? The median multiple is considered the number of years it would take the median income in a real estate market to pay off the median home price. So, in Odessa and Midland it would take 2.7 years of the median income to pay off the median home price. Now, anything under 3 is considered affordable, because the lower the median multiple is, the easier it is to pay off a home.
Midland hasn’t always been as affordable, but as incomes rise to fill the jobs needed to support our growing economy and with very slight drops in median home prices over the last year, our median multiple has fallen.
The Permian Basin Board of Realtors just reported that in January, the median home sold for $282,500. That figure is down from $291,140 last year, according to MRT. As we just noted in a previous blog post, our real estate market is one of the few in the country that is still hot. Our area is the third hottest metro for real estate right now. So, we need sellers. Now is the perfect time to sell your Midland or Odessa home. So, come talk to us today!
Are You Buying a Home in Midland?
The Underwood Group is a team of top real estate professionals in Midland. We know Midland real estate, so if you’re thinking about buying with this kind of market, you’ll absolutely need our expertise. Call our team of Midland real estate agents at 432-698-0411 today.
If you’re looking for a new home, search by school district or search Midland real estate listings by price:
- Midland homes for sale between $150,000 and $200,000
- Midland homes for sale between $200,000 and $225,000
- Midland homes for sale between $225,000 and $300,000
- Midland homes for sale between $300,000 and $400,000
- Midland homes for sale between $400,000 and $500,000
- Midland homes for sale between $500,000 and $750,000
- Midland homes for sale between $750,000 and $1 million
- Midland homes for sale over $1 million
Hoping To Sell A Home In Midland?
It won’t be hard to sell your Midland home, but when you choose to list your house with us, our experience can help ensure that you get the highest return on your investment! Plus, Midland 1st Choice Real Estate offers a Free Market Analysis to clients. This free analysis provides our clients with the best comparative value by looking at similarly featured home recently listed and sold.
Don’t forget to find us on Facebook for community updates and the latest listings.